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TheEconomists

Photo of Michele Cavallo
202-452-2607
michele.cavallo@frb.gov
Education
  • Ph.D., Economics, New York University, 2003
  • M.Sc., Economics, HEC Lausanne, 1997
  • B.A., Economics, Università Commerciale Luigi Bocconi, 1996
Fields of Interest
    • Chief

      Board of Governors of the Federal Reserve System

    • 2015 - present
    • Senior Economist, Division of International Finance

      Board of Governors of the Federal Reserve System

    • 2012 - 2015
    • Economist, Division of International Finance

      Board of Governors of the Federal Reserve System

    • 2008 - 2012
    • Economist

      Federal Reserve Bank of San Francisco

    • 2003 - 2008
    • Summer Intern

      Board of Governors of the Federal Reserve System

    • 2002
    • Summer Intern

      World Bank

    • 2000
    • Summer Intern

      Inter-American Development Bank

    • 1999
  • Caldara, Dario, Michele Cavallo, and Matteo Iacoviello (2016). "Oil Price Elasticities and Oil Price Fluctuations," International Finance Discussion Papers 1173. Washington: Board of Governors of the Federal Reserve System.
  • Amiti, Mary, Tyler Bodine-Smith, Michele Cavallo, and Logan Lewis (2015). "Did the West Coast Port Dispute Contribute to the First-Quarter GDP Slowdown?" IFDP Notes 2015-07-02. Board of Governors of the Federal Reserve System (U.S.).
  • Cavallo, Michele (2014). "The Surprising Strength of U.S. Imports During the Recovery," IFDP Notes 2014-11-13. Board of Governors of the Federal Reserve System (U.S.).
  • Wu, Tao, and Michele Cavallo (2012). "Measuring Oil-Price Shocks using Market-Based Information," IMF Working Papers 12/19. International Monetary Fund.
  • Cavallo, Michele, and Anthony Landry (2010). "The Quantitative Role of Capital Goods Imports in US Growth," American Economic Review, vol. 100, no. 2, pp. 78-82.
  • Wu, Tao, and Michele Cavallo (2009). "Measuring Oil-Price Shocks using Market-Based Information," Research Department Working Paper 0905. Federal Reserve Bank of Dallas.
  • Cavallo, Michele (2008). "Oil Prices and Inflation," Economic Letter 2008-31. Federal Reserve Bank of San Francisco.
  • Cavallo, Michele (2007). "Government Consumption Expenditures and the Current Account," Public Finance and Management, vol. 7, no. 1, pp. 73-115.
  • Cavallo, Michele (2006). "Interest Rates, Carry Trades and Exchange Rate Movements," Economic Letter 2006-31. Federal Reserve Bank of San Francisco.
  • Cavallo, Michele (2006). "Oil Prices and the U.S. Trade Deficit," Economic Letter 2006-24. Federal Reserve Bank of San Francisco.
  • Cavallo, Michele, and Cédric Tille (2006). "Current Account Adjustment with High Financial Integration: A Scenario Analysis," Federal Reserve Bank of San Francisco Economic Review, pp. 31-45.
  • Cavallo, Michele, and Cédric Tille (2006). "Could Capital Gains Smooth a Current Account Rebalancing?" Staff Reports 237. Federal Reserve Bank of New York.
  • Cavallo, Michele (2006). "International Financial Integration and the Current Account Balance," Economic Letter 2006-14. Federal Reserve Bank of San Francisco.
  • Cavallo, Michele (2005). "Government Employment and the Dynamic Effects of Fiscal Policy Shocks," Working Paper Series 2005-16. Federal Reserve Bank of San Francisco.
  • Cavallo, Michele, Kate Kisselev, Fabrizio Perri, and Nouriel Roubini (2005). "Exchange Rate Overshooting and the Costs of Floating," Working Paper 2005-07. Federal Reserve Bank of San Francisco.
  • Cavallo, Michele (2005). "Understanding the Twin Deficits: New Approaches, New Results," Economic Letter 2005-16. Federal Reserve Bank of San Francisco.
  • Cavallo, Michele (2005). "To Float Or Not to Float? Exchange Rate Regimes and Shocks," Economic Letter 2005-01. Federal Reserve Bank of San Francisco.
  • Cavallo, Michele, and Fabio Ghironi (2004). "Net Foreign Assets and Exchange Rate Dynamics: The Monetary Model Revisited," Exchange Rate Dynamics: A New Open Economy Macroeconomics Perspective.
  • Cavallo, Michele (2004). "Exchange Rate Movements and the U.S. International Balance Sheet," Economic Letter 2004-25. Federal Reserve Bank of San Francisco.
  • Cavallo, Michele, and Fabio Ghironi (2002). "Net Foreign Assets and the Exchange Rate: Redux Revived," Journal of Monetary Economics, vol. 49, no. 5, pp. 1057-1097.
  • Cavallo, Michele, and Giovanni Majnoni (2002). "Do Banks Provision for Bad Loans in Good Times? Empirical Evidence and Policy Implications," in Levich, R. M., G. Majnoni and C. M. Reinhart eds., Ratings, Rating Agencies and the Global Financial System. Boston, MA: Kluwer Academic Publishers, pp. 319-342.
  • conference

    June 2016

    IAAE Annual Conference, Milan

    Oil Price Elasticities and Oil Price Fluctuations

  • conference

    October 2015

    LACEA Annual Meeting, Santa Cruz

    Sources and Consequences of Oil Price Fluctuations: A VAR Approach

  • conference

    June 2015

    IAAE Annual Conference, Thessaloniki

    Sources and Consequences of Oil Price Fluctuations: A VAR Approach

  • discussion

    December 2013

    FRB Atlanta-NYU Workshop on International Economics

    Bad Investments and Missed Opportunities? Capital Flows to Asia and Latin America, 1950-2007

  • conference

    January 2010

    AEA Annual Meetings, Atlanta, Georgia

    The Quantitative Role of Capital Goods Imports in U.S. Growth

  • seminar

    December 2009

    University of Chicago, Booth School of Business

    Measuring Oil-Price Shocks Using Market-Based Information

  • seminar

    December 2009

    George Washington University

    Capital Goods Imports, Investment-Specific Productivity, and U.S. Growth

  • conference

    July 2009

    NBER Summer Institute, Impulse and Propagation Mechanism Workshop

    Measuring Oil-Price Shocks Using Market-Based Information

  • conference

    July 2009

    SED Annual Meetings, Istanbul, Turkey

    Capital Goods Imports, Investment-Specific Productivity, and U.S. Growth

  • discussion

    October 2008

    Federal Reserve Bank of Cleveland, Workshop on Methods and Applications for DSGE Models

    The General Equilibrium Effects of Fiscal Policy: Estimates for the Euro Area

  • conference

    July 2007

    NBER Summer Institute, Monetary Economics Workshop

    Measuring Oil-Price Shocks Using Market-Based Information

  • conference

    July 2007

    SED Annual Meetings, Prague

    Measuring Oil-Price Shocks Using Market-Based Information

Referee

  • American Economic Journal: Macroeconomics
  • American Economic Review
  • B.E. Journal of Macroeconomics
  • Canadian Journal of Economics
  • Economic Inquiry
  • Economic Journal
  • Economics Letters
  • European Economic Review
  • International Economic Review
  • International Finance
  • International Review of Economics and Finance
  • Japan and the World Economy
  • Journal of Applied Econometrics
  • Journal of Business and Economic Studies
  • Journal of Development Economics
  • Journal of Economic Dynamics and Control
  • Journal of the European Economic Association
  • Journal of International Economics
  • Journal of International Money and Finance
  • Journal of the Japanese and International Economy
  • Journal of Monetary Economics
  • Journal of Money, Credit, and Banking
  • The Manchester School
  • National Science Foundation
  • Oxford Bulletin of Economics and Statistics
  • Review of Economics and Statistics
  • Review of Economic Dynamics
  • Review of International Economics
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Last update: July 25, 2016